Life Insurance Quebec: Rates, Quotes, Consumer Tips

Panorama-QC

Life Insurance Quebec: Intro

Life InsuranceWelcome to your Life Insurance Guide for Quebec. This page will give you an idea of Life Insurance Premiums people choose to pay in Quebec and across other provinces, will inform about key factors that impact your Life Insurance Rates, and share some savings opportunities when choosing Life Insurance.

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How Much Do Others Choose to Pay for Life Insurance in QC and in Canada

The chart shows a comparison of term life and universal life insurance premiums that consumers pay for Life Insurance in Canada. Please consider that though these are are self-reported data, we found out that many consumers in Quebec are underinsured. Life Insurance premiums will also strongly depend on number of factors – these are average premiums.

Overall there are several important questions to answer before choosing Life Insurance:

  • How much coverage (e.g. $100,000 or $$2,000,000) do I need and how long (e.g. for the next 25 years to insure my mortgage vs till end of my life to ensure that my family is safe)?
  • What type of life insurance product do I need (e.g. Term Life, Whole Life, Universal Life etc)?
  • What provider should I choose?

When you are getting a quote with us, we not only calculate the best rate for you based on your needs but also give an opportunity to speak with an experienced adviser who can answer all your questions, address your concerns and explain all insurance details.

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How Do Different Aspects Impact Your Life Insurance Rates?

#AspectRate Impact#AspectRate Impact
1SmokingIncrease of 200%5Your Depression HistoryIncrease of 50 - 200%
2DrinkingIncrease of 50%6Your Physical BuildDecrease of 25% to Increase of 200%
3Your Family HistoryIncrease of 50 - 250%7Your Driving RecordIncrease of 25% to 50%
4Your Medical HistoryExcludes coverage for some deseases8Your GenderDecrease of 25% for Women

 

How Can You Save on Life Insurance?

  • Annual review: Review your policies and coverage every year, since new discounts could apply to your new life situation if it has changed. An example would be your growth of your kid (and as a consequence less funds that you need to keep as reserves) or complete payout of your mortgage.
  • Alumni: Graduates from certain Canadian universities (e.g York University, McGill University) might be eligible for a discount at certain Insurance providers.
  • Explore Return of Premiums conditions: Some policies allow getting back the part of the premiums if you have not made use of them – ask your broker to make the calculation for you. Slightly higher premiums upfront can make sense in case of later premiums returns.
  • Bundles can be cheaper: Getting several insurance products from one provider e.g. Life insurance together with Disability Insurance and Critical Illness can be often rewarded by lower premiums. Or you can sometimes bundle Life insurance with Non-Life insurance (e.g. Home or Auto) – that depends from insurance provider.
  • Got Life, Disability and Critical Illness? Cancel Mortgage insurance: Mortgage insurance is a fascinating product created by money lenders. Simply said, it is a different name of Life, Disability and Critical Illness insurance policy associated with payments for your mortgage.  Got a mortgage of $500k together with mortgage insurance for that? Well, if you have a Life policy large enough, you can save yourself mortgage insurance.
  • Avoid insurance agents: Insurance agent is not equal to insurance broker. Agents typically work for one company only and can offer only products of this company. That does not leave too many options.
  • Say no to guaranteed issue life policy: People with good health do not need a guaranteed issue life insurance policy (these are policies that do not require a medical exam but they cost more) – do a health check / exam and enjoy lower life insurance premiums.
  • Great medical record drives savings: Having a healthy medical history in the past (not equal to the good current health state in the moment of application) has impact on your life insurance. If you’ve had serious issues, some potential disease cases can be excluded from your coverage.
  • Smoking impacts your health and insurance rates: Stop smoking well in advance (at least a year) before applying for a policy – otherwise your premiums will double. Like cigars? Well, many life insurance companies consider smoking more than 1 cigar per month and you won’t be able to get non-smoker rates.
  • Interested in more saving tips for Life Insurance? Get an insurance quote below and connect with an experienced insurance professional to get more tips.

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